from Wiktionary, Creative Commons Attribution/Share-Alike License

n. A major repair, remake, renovation, or revision.

n. the process after the fire appears extinguished in which the firefighters search the structure for signs of hot spots that may cause the structure to reignite. Often this includes the process of salvage under the blanket term, salvage and overhaul.

v. To modernize, repair, renovate, or revise completely.

v. To pass, overtake, or travel past.

from the GNU version of the Collaborative International Dictionary of English

n. A strict examination with a view to correction or repairs.

n. A major repair or a revision for the purpose of improvement.

transitive v. To haul or drag over; hence, to turn over for examination; to inspect; to examine thoroughly with a view to corrections or repairs.

transitive v. To gain upon in a chase; to overtake.

transitive v. To repair thoroughly; to make repairs on; -- usually implying major repairs and perhaps modifying improvements.

from The Century Dictionary and Cyclopedia

To turn over for examination; examine thoroughly with a view to repairs.

Etymologies

over- +‎ haul. (Wiktionary)

Examples

For all of what he describes as the overhaul's strengths - particularly the limits placed on banks 'trading activities - he still feels that the legislation doesn't go far enough in curbing potentially problematic bank activities like investing in hedge funds.

We know the reason we need this "financial regulation overhaul" is because the republican belief that big business (in this case "banking" among others) cannot be trusted to be ethical and forthright. a belief fosterd by Reagan, Bush 1 and bush 2, all of which had some sort of monetary crisis during their terms and or left them for someone else to clean up!

Why do some people fight against healthcare overhaul is it because the biotechnology and pharmaceutical industries product demand is primarily driven by the willingness of insures to pay for new medical treatments? again is it ethical when these same guys buy out generic companies not to release their affordable products in the market?.

OK, when a Republican says things like "Healthcare overhaul is needed" or "the current system is unacceptable" what they mean is "We're making too much money by keeping things the way they are and we don't plan to change anything."